Primary bond market

St. Louis heads into the market next week for a piece of its expansion financing while Indianapolis' project could receive final approval this week

After COVID-19 left NYC with a ratings downgrade, the city offered retail investors first crack at its $1 billion GO deal. The San Francisco Public Utilities Commission will be the first issuer to publicly list on an international exchange in an attempt to lure foreign investors.

There are plenty of taxable deals on the upcoming week’s new-issue calendar while several large deals from issuers in New York will be in the spotlight after Moody's downgrades.

Moody's cut NYC's $39 billion of outstanding GOs to Aa2 citing the effects of COVID-19 and also lowered the debt rating of New York State.

Kim Olsan, senior vice president at FHN Financial talks with The Bond Buyer's Lynne Funk about trading the municipal market in the COVID era. Olsan trades the short- and intermediate but she has some thoughts about high-yield and taxables as well. (36 minutes)

The municipal market's volume registered its fourth consecutive month of greater-than-$40 billion and the largest on record total for the month of September.

The Puerto Rico Housing Finance Authority’s deal came in three times oversubscribed and was an important step in the Commonwealth’s return to the capital markets.

The nation's largest not-for-profit healthcare system by acute care revenues is evaluating a fourth quarter sale.

Atlanta airport bonds and a Puerto Rico housing issuer were some new offerings of note on Tuesday.

One muni bond sector that had been a go-to for heavier allocations was utilities, according to Kim Olsan.

Chicago's $1.2 billion airport refunding will smooth out fiscal operations through next year amid a massive decline in airline travel.

The Puerto Rico Housing Finance Authority will be in the market with almost $250 million of public housing project refunding bonds.

Without more fiscal support, the outlook becomes murkier with the possibility of economic data disappointment and volatility in rates, and historically muni demand dampeners, Morgan Stanley said.

Accurate obligor identification can allow any matrix-based bond evaluation system to improve pricing accuracy and reduce manual intervention by pricing analysts, the firm said.

The city's use of reserves to manage past deficits drove a two-notch downgrade from S&P Global Ratings, to A from AA-minus.

ICI reports another $2 billion inflow week while new issues fare well. High-grades around the 2026 maturity were trading in large blocks showing stability.

Diverse issuers from NYC to Texas to Chicago to Michigan to PA Turnpikes priced billions into the primary while the secondary again took a back seat.

The Florida Cabinet approved new money and refunding bonds, some of which may be sold as taxable debt with advance tax-exempt refundings no longer possible.

The system took two rating hits over its rising debt levels and strained balance sheet metrics as it readies a $354 million borrowing.

Rates remain stagnant even as UST rallied Monday. Large deals from NYC and Texas issuers are on deck for Tuesday.